John Watson, Chevron’s chief executive officer, said the results reflected the company’s “ongoing adjustment to a lower oil price world,” but said he remained committed to becoming cash flow neutral, or at least generate as much cash as it spends.

Production fell about 3 percent to 2.53 million barrels of oil equivalent per day (boe/d).

The loss in Chevron’s largest segment, which produces oil and natural gas, widened to $2.46 billion as the company lost money both in the United States and internationally.

In the refining division, profit tumbled both domestically and internationally due in part to an industrywide oversupply of fuel and other refined products.

California-based Chevron said it was reining in costs, cutting $6 billion from its capital budget and operating expenses during the first six months of the year.

(This version of the story corrects EPS figure to 78 cents from $1.07 in fourth paragraph)